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Implicit contracts, incentive compatibility, and involuntary unemployment : thirty years on

MacLeod, William Bentley; Malcomson, James M. - 2023

"Implicit Contracts, incentive compatibility, and involuntary unemployment" (MacLeod and Malcomson, 1989) remains our most highly cited work. We briefly review the development of this paper and of our subsequent related work, and conclude with reflections on the future of relational contract...

Persistent link: https://www.econbiz.de/10013500553

Resource allocation and firm scope

Friebel, Guido (contributor); Raith, Michael (contributor) - 2006

We develop a theory of firm scope in which integrating two firms into one facilitates the allocation of resources, but leads to weaker incentives for effort, compared with non-integration. Our theory makes minimal assumptions about the underlying agency problem. Moreover, the benefits and costs...

Persistent link: https://www.econbiz.de/10003464116

It hurts to ask

Bénabou, Roland; Jaroszewicz, Ania; Loewenstein, George F. - 2022

We analyze the offering, asking, and granting of help or other benefits as a three-stage game with bilateral private information between a person in need of help and a potential help-giver. Asking entails the risk of rejection, which can be painful: since unawareness of the need can no longer be...

Persistent link: https://www.econbiz.de/10013382050

Delegation to a group

Fehrler, Sebastian; Janas, Moritz - 2021

case of delegation. On the other hand, any acquired information is better aggregated in case of delegation, where experts …

Persistent link: https://www.econbiz.de/10012549435

Social evolution, corporate culture, and exploitation

Schlicht, Ekkehart - 2002

It has been claimed that the market fosters selfishness and thereby undermines the moral basis of society. This thesis has been developed with an emphasis on market exchange. Everyday life is, however, predominantly shaped by interactions in the workplace rather than by shopping behaviour. This...

Persistent link: https://www.econbiz.de/10011415214

Time is on my side : relational contracts and aggregate welfare

Kukharskyy, Bohdan; Plüger, Michael - 2018

This paper develops a simple general equilibrium model which establishes a link between the patience of economic agents and the well-being of nations. We show that firms in long-term oriented countries can mitigate hold-up inefficiencies by engaging with their suppliers in relational contracting...

Persistent link: https://www.econbiz.de/10011810338

Relational contracts and the economic well-being of nations

Kukharskyy, Bohdan; Pflüger, Michael - 2010

Informal long-term relationships and mutual confidence play a crucial role in modern economies in at least two dimensions. First, the performance of firms is strongly affected by their capacity to solve organizational questions effectively and this capacity is apparently strongly related to...

Persistent link: https://www.econbiz.de/10009314275

Expanding export variety : the role of institutional reforms in developing countries

Sheng, Liugang; Yang, Dennis Tao - 2013

This paper presents theory and evidence showing that institutional reforms in developing countries can effectively expand their product varieties in export. Our model demonstrates that relaxing foreign ownership controls and improving contract enforcement can induce multinational companies to...

Persistent link: https://www.econbiz.de/10010128870

Authority and incentives in organizations

Kräkel, Matthias - 2013

based on authority rights and minimizing costs for implementing high efforts. Concentrated delegation and hierarchical … delegation turn out to be never an optimal compromise. If the CEO is more efficient than the division heads (i.e., the CEO …'s costs from exerting high effort are smaller than those of the division heads), the owner will prefer full delegation to the …

Persistent link: https://www.econbiz.de/10009721377

Turning relative deprivation into a performance incentive device

Stark, Oded; Kosiorowski, Grzegorz - 2021

The inclination of individuals to improve their performance when it lags behind that of others with whom they naturally compare themselves can be harnessed to optimize the individuals' effort in work and study. In a given set of individuals, we characterize each individual by his relative...

Persistent link: https://www.econbiz.de/10012419100

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